2 Blue-Chip Stocks Racing to the Bottom

It was not a good year for CRM or INTC

Digital Content Manager
Dec 27, 2022 at 2:12 PM
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It's a race to the bottom for Intel Corporation (NASDAQ:INTC) and Salesforce Inc (NYSE:CRM), with both stocks eyeing the title of worst blue chip of 2022. Below, let's dive deeper into their underperformance over the past year, and see what could still be in store.

Options Bears Target INTC

Intel stock is looking to add to its 49.4% year-to-date deficit, last seen down 0.3% at $26.02. The equity's slide to an Oct. 13, roughly eight-year low of $24.59 began as early as January, with several failed rallies in between. Plus, INTC's 100-day moving average has been acting as pressure on the charts since late March, and stifled another surge earlier this month.

While calls still outpace puts on an overall basis, the latter is being exchanged at a quicker-than-usual clip. Over at the International Securities Exchange (ISE), Cboe Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX), INTC's 50-day put/call volume ratio ranks higher than 96% of readings from the past year.

CRM Could See Bear Notes

CRM is up 0.9% at $130.64 this afternoon, but is still down more than 48% in 2022. The equity is fresh off a Dec. 22, two-year low of $126.34, after breaching a floor at the $135 level. Shares have also chopped lower for the majority of 2022, but recently the 20-day moving leverage reemerged as a ceiling, after waffling between pressure and support. 

Nevertheless, analysts are optimistic, with 24 of the 32 in coverage calling Salesforce stock a "buy" or better. Additionally, the 12-month consensus target price of $194.25 is a 48.9% premium to current levels, meaning downgrades and/or price targets could be in the horizon.


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